Can
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Score
An
A
100
Resources used to create other goods and services.
What is capital?
100
This is the law of increasing costs
What is once output is maximized, costs will increase?
100
This is the purpose of specialization
What is to increase efficiency?
100
This is an example of a safety net.
What is medicare, medicaid, unemployment insurance, etc?
100
These are physical objects that can be exchanged
What are goods?
200
This graph shows alternative ways to use resources.
What is Production Possibilities?
200
This example of FOPs is a taxi driver's knowledge of streets
What is human capital?
200
This is the name of the free market philosopher
What is Adam Smith?
200
This is the most difficult goal to achieve in a free market
What is economic equity?
200
These are actions that one person performs for another
What are services?
300
This is an efficient economy
What is using resources to maximize output?
300
This is what happens to the PPC if a nation loses land.
What is shifts left?
300
This is the function of an economic system
What is to produce and distribute goods and services?
300
This is the definition of scarcity
What is limited resources to meet unlimited wants and needs?
300
The definition of a mixed market economy
What is some aspects of socialism (like nation health care) mixed with free or voluntary exchange of goods?
400
This is the most desirable alternative given up
What is opportunity cost?
400
This is why government intervention is needed
What is to provide for safety nets?
400
This is the doctrine of laissez-faire
What is little or no government involvement?
400
This is an example of inefficiency
What is underutilization of resources?
400
This is an aspect of a traditional economy
What is children doing the same job as their parents?
500
This example is a country must decide whether to use steel to build fighter jets or sports cars
What is "guns versus butter?"
500
These are the three economic questions.
What is what to produce, how and for whom?
500
This type of economic system has government making all of the economic decisions
What is centrally planned?
500
This would cause a PPC to shift right
What is climate, technology, etc.?
500
This is a durable good
What is lasting three or more years?
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